Susannah Gillette of HDF named to Fairfield County“40 Under 40” list for 2006

Homebuyer Assistance Loan Officer for Nonprofit Bank Honored at Annual Awards Event Presented by Fairfield County Business Journal

STAMFORD, Conn., June 12, 2006 – The Housing Development Fund, Inc. (HDF), a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, announced that Susannah Gillette, its Homebuyer Assistance Senior Loan Officer, was named to the Fairfield County Business Journal’s “40 Under 40” list. Gillette was honored with 39 other business leaders at the recent awards event that singles out individuals for extraordinary leadership qualities, ongoing commitment to personal and professional development and outstanding accomplishments that have made a significant impact on their organizations and the broader professional image of Fairfield County.

Since joining HDF in 2004, Gillette has administered HDF’s SmartMove loan fund, which provides low-interest second mortgages to low- and moderate-income homebuyers in Fairfield County. In less than two years, she has transformed SmartMove into a major lending vehicle for affordable homeownership, increasing the pool of banks that make these funds available from five to seven and growing the fund from $9 million to $12 million. Under Gillette’s direction, the fund has helped more than 120 families achieve the often-difficult dream of homeownership in Fairfield County. HDF hopes to double that number in the near future.

“Susannah is helping HDF to change the face of affordable housing,” said HDF Executive Director Joan Carty. “She took a concept and a commitment and turned them into a reality. She has become a formidable expert on affordable housing financing and continues to design and implement new second mortgage products that can close the affordability gap for working families. She fully deserves this recognition and we’re very proud of her.”

Gillette is a frequent speaker throughout the region at meetings devoted to this topic. She has addressed the Yale School of Management’s Economic Development Conference, the City of Stamford Housing Summit and the Interfaith Council of Greater Bridgeport’s Discussion on Affordable Housing Solutions to End Poverty.

Gillette holds a Bachelor of Arts degree in Economics from Wesleyan University in Middletown, Connecticut and an MBA from the Yale School of Management. A New Haven native, Gillette currently resides in the Bronx, New York.

HDF is a non-profit bank that facilitates the development of affordable housing. In addition to managing public/private partnerships to lend funds for this purpose, HDF provides a variety of programs to prepare first time homebuyers for successful homeownership and supports its clients after the sale as well. Through its approach that pools risk for lenders, HDF is a leader in providing first mortgages for the development of multi-family units. It provides low-interest, flexible financing and technical assistance to developers and municipalities, and offers down payment assistance financing and homeownership counseling to homebuyers.

HDF works with the private sector, developers, non-profits and federal, state and local government to facilitate the creation of more affordable housing. The organization works with a large group of funding partners, including banks, corporations, foundations, government, and private to expand opportunities to finance and assist an array of housing needs. These partners provide expertise and intellectual, as well as, financial capital

HDF was founded as the Stamford Housing Development Fund in 1989, with an original lending pool of $8 million from eight banks. Today, the Housing Development Fund, Inc. manages almost $50 million in affordable housing funding from a pool of 17 banks and other resources. The organization has expanded to serve a growing number of Connecticut communities, including all of southwestern Connecticut. HDF is a HUD-certified lender and counselor.

In addition to the SmartMove program, led by Susannah Gillette, key HDF first-time homebuyer programs also include Homebuyer Education Classes, Homeownership Counseling offering one-on-one support, and the Adopt A House Program for down payment and closing cost assistance. Along with HDF’s requirement that its financing be linked only to traditional, fixed-rate mortgage products, its programs have led to unprecedented stability in its portfolio and the creation of 465 first-time homebuyers.

The Housing Development Fund, Inc. has its headquarters at 100 Prospect Street, South Tower Plaza, Suite SP-101, Stamford, Connecticut 06901. It also maintains an office at 8 West Street, Suite 202-204, Danbury, Connecticut 06810. For additional further information call Tami Strauss at 203-969-1830 x19 or visit www.hdf-ct.org.